Starting a new business enables you to enjoy the freedom you want. You are in charge and can run your business how you see fit. You can also get many tax breaks previously unavailable as an employee. Of course, it also means you may need to pay quarterly taxes. People That Need to Make Estimated…
Self-Employed? Shouldn’t You Be Making Quarterly Payments?
July 3, 2023
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Self-Employed Americans Must Pay Taxman by June 15 Deadline: IRS
June 13, 2023
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The June 15 due date is fast approaching for filing second-quarter tax returns for American taxpayers like those who are self-employed, failing which they can face penalties. Quarterly tax payments for this year are due on April 18, 2023, June 15, 2023, Sept. 15, 2023, and Jan. 16, 2024. Quarterly estimated tax payments are usually…
Common Tax Mistakes of Gig Workers
March 9, 2023
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More and more people are becoming gig workers due to the massive layoffs in recent days. It can be an excellent way to get some short-term income—and some people find that they can make more money through gigs than with a full-time job. Of course, you can expect to pay some taxes anytime income is…
Self-Employed Gen-Z Mostly Ignorant About Quarterly Tax Reporting Requirements, Survey Finds
The majority of Gen-Z self-employed individuals, including freelancers and gig workers, are unaware of their obligation to pay taxes on a quarterly basis, with many feeling anxious about taxes and getting information about the topic from social media, according to a November survey. The survey was conducted among 1,000 Americans between the age of 18…
Going Out on Your Own? 4 Ways Finances Differ for the Self-Employed
There’s nothing like the fantasy of saying goodbye to your office job and hello to being your own boss. But if you’ve got entrepreneurship on your mind, it’s important to understand the whole picture of what it means to be self-employed, especially with regard to finances. Beyond the nearly limitless income potential comes complexities that,…
Retirement Planning Tips for the Self-Employed
For the self-employed, retirement planning can be a bit more complicated than for the rest of the population. They don’t have the benefit of an employer-sponsored plan and an HR department where they’ll find counseling and advice on planning for their retirement years. However, that doesn’t mean the self-employed can’t have a comfortable retirement or that…
The Social Security Earnings Penalty for Self-Employed People
“Well, Tom, you see, I’m a farmer. I got me about 100 acres of beans, and I really only work two months a year. I plant those beans in April and I harvest them in October. The rest of the time, I’m pretty much sitting on my butt. Oh, I mend a fence or two…
Self-Employed Women Are Often Healthier: Study
August 10, 2022
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Women who are their own bosses might have healthier hearts to show for it, a new study suggests. The study, of more than 4,600 working U.S. women, found that those who were self-employed typically got more exercise and were less likely to be obese or have high blood pressure or diabetes — major risk factors…
Your New Gig: Taxes. Navigating Taxes if You’re Self-Employed
Maybe you call it freelancing, or you call it contract work, or you call it gig work. Maybe you have multiple part-time jobs in which you are paid hourly, with no benefits. Perhaps you have started your own business out of your home. In any of those scenarios, you are considered “self-employed’’ by the Internal…
Newly Self-Employed? Options for Health Coverage
So you’ve decided to take that big step and work for yourself. Whether you’re a freelancer or a self-employed entrepreneur, there are exciting new challenges and opportunities. The results of all your hard work now go into your pocket. But there are some expenses that you may not have had before. One is health insurance….
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